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Published 15 Feb 2023
Protect your business against operational risks and choose the best risk management software for your organization.
Risk management software is a tool that businesses use to identify, assess, and proactively manage operational risks. With the use of this tool, companies can recognize potential vulnerabilities, analyze them, provide safety-nets in case of crises, and identify further growth opportunities. Through a data-driven approach, risk management software helps industry leaders make decisions in real-time with high-level accuracy.
Free version: Available for teams of up to 10
Pricing: Premium plan $19/month (with free 30-day trial period)
Platforms supported: Available on mobile app (iOS and Android) or a web-based software
SafetyCulture is a digital platform that businesses can use as risk management software. As one of the most widely-used mobile risk management app, firms from every industry can rely on SafetyCulture to revamp their risk assessment program and further engage employees in conducting risk-related activities. Aside from providing a user-friendly interface, SafetyCulture offers an extensive library of learning resources that companies can utilize to help their staff use the mobile app more effectively.
Features:
Free Version: Yes, see full list of Free plan features Pricing: The Free plan allows for 10 users, the Premium plan starts at $19/month Free Trial: Yes, available for 30 days for the Premium plan Deployment: iOS, Android, & Web
Fusion Framework System is a risk management platform that allows users to reduce risks and simplify their operational complexity through highly customizable and flexible tools. Fusion lets users take advantage of data-driven risk insights and enables teams to leverage in-app capabilities that suit their business and industry needs.
Pricing: Details not available Free Version: Not available Free Trial: Yes Deployment: iOS, Android, Windows, & Web
Galvanize is an Enterprise Risk Management (ERM) solution that offers flexible workflows and advanced risk-managing capabilities. This platform is designed to drive efficiency across the entire process of risk management—from planning, to execution, and up to reporting. Galvanize also lets users tailor their ERM to meet the organization’s unique requirements.
Pricing: Details not available Free Version: Not available Free Trial: Not available Deployment: iOS, Android, Windows, & Web
MetricStream is an integrated risk management solution and purpose-built platform that enables organizations to implement a systematic approach in managing operational risks. Through a data-driven solution, MetricStream allows businesses to gain a sound assessment of risks and prioritize them accordingly.
Pricing: Details not available Free Version: Not available Free Trial: Not available Deployment: Web
Reciprocity is a platform that equips organizations to manage operational risks in a strategic manner. Through powerful risk solutions, this platform helps businesses make smarter and more informed decisions about potential risks. Reciprocity also protects your enterprise, assets, system, and data with timely actions and responses.
Pricing: Details not available Free Version: Not available Free Trial: Yes Deployment: Web
OneTrust is a cloud-based platform that establishes and measures an organization’s compliance with regulatory requirements to decrease risk exposure and to secure data privacy. As a risk management platform, it also helps identify, mitigate, and monitor both internal and external risks to protect businesses.
Free Version: Available Pricing: Paid version starts at $30/month/feature Free Trial: Yes, available for 14 days for the paid version Deployment: iOS, Android, Windows, & Web
Resolver is an easy-to-use risk management solution that enables organizations to assess risks and evaluate the impact of implemented mitigation plans. This platform also equips businesses with configurable solutions that allow them to make quick, smart, and effective decisions and integrate them into their business strategies.
Onspring is a risk management software that businesses can use to gain effective insights about potential operational risks and centralize all relevant data in one place. Through this cloud-based platform, organizations can identify, assess, and prioritize risks and align solutions with business objectives.
MasterControl is a tool that pairs risk management with quality management to easily mitigate process and product risks. This cloud-based compliance software also lets users conduct all risk-related activities in one centralized location for efficient risk management, and to ensure compliance with regulatory requirements.
Pricing: Contact MasterControl for pricing Free Version: Not available Free Trial: Not available Deployment: iOS, Android, Windows, & Web
SAI360 is a cloud-based software that enables businesses to easily implement the program across their team and lets users automate their risk management, compliance activities, and contingency plan for disasters. This purpose-built and innovative platform also allows organizations to configure their in-app experience by utilizing industry-based solutions and flexible modules for improved risk management.
Each business in every industry has a particular set of requirements when it comes to using third-party tools such as risk management software. Although their specifics can vary based on the primary reason of using the software and the needs of the organization, the main purpose of a risk management software is to establish the first lines of defense against potential risks and their possible impact. Here are the core features that a risk management software should have:
Risk identification is one of the first steps to complete in the process of risk management. This is the ability to recognize and determine that a particular scenario, process, or system can potentially prevent a business from operating normally.
With risk assessment, businesses can evaluate the risks based on predefined factors agreed upon by individual business units. Risk assessments also let users assign simple risk ratings that measure the potential impact of risks or hazards to the business.
After assessing the possible impacts of identified risks, the next step is risk prioritization. This is the process of determining which of the risks should be acted upon or addressed first. Using a risk register, businesses can prioritize risks based on the level of severity, frequency, and probability.
Aside from the main risk-related activities, softwares should also be able to ensure that all the issues found and risks identified are accounted for and acted upon. Issue management lets businesses visibly achieve that.
Risk management software should have an analytics dashboard where users can visually monitor and consistently see the progress of the listed risks. With the help of this feature, businesses can easily observe whether the implemented measures are effective or need further improvement.
Risk management software should also ideally have an internal alert system where specific team members are automatically alerted about risks, or manually notified using in-app communication features.
Aside from risk-focused capabilities, risk management software should also help businesses monitor, track, and ensure compliance with various regulatory requirements and other internal standards. This helps avoid potential risks or negative impacts brought by non-conformance of members or organizations.
With the amount of data collected in risk management, it is essential to have them all in one safe and centralized location. This helps ensure that every risk is assessed in a standardized manner, and all information is secured and easily accessible when needed.
Using a risk management software equips businesses to proactively identify risks before they even emerge. Being one step ahead of attackers or unforeseen events gives organizations the advantage of avoiding the risks altogether, or at least lessening their impact on business operations. Below are a few other benefits of utilizing a risk management software:
See how Cricket Australia—Australia’s national men’s cricket team—uses SafetyCulture to efficiently manage risks in every cricket match under their control. Using SafetyCulture, CA developed safety protocols to observe during games, and built mobile checklists to ensure a safe management of fireworks throughout the event. Although risk management is considered a newer concept for sports, it is evident that utilizing new technologies such as SafetyCulture increases the chance of organized and safe sport matches.
“Once we saw what SafetyCulture could do for pyrotechnic safety, we started rolling it out to all the other safety checks we perform. Then our events team saw the efficiency gains and rolled it out to their department as well.”
– Ash Hepburn, Risk Analyst with Cricket Australia
Jaydee Reyes
Jaydee Reyes is a content writer and researcher for SafetyCulture. Her six-year experience in the field of data research and media monitoring adds expertise and quality to her work. She is also a champion of leveraging technology to promote a culture of safety in workplaces around the world. As a content specialist, she aims to help companies adapt to digital changes through interesting and informational articles.
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